For the first time in two months the average yield on Hungary’s 3-month discount Treasury Bill has dropped at a regular weekly auction held by the Government Debt Management Agency (ÁKK) on Tuesday. The issuer allotted the same amount it originally intended to despite a relatively strong demand.
The ÁKK has received HUF 64.9 billion worth of bids from primary dealers on a HUF 15 bn lot of 3-m T-bills today, and sold the same amount it intended to. The average yield was set to 0.8%, 2 basis points below the average yield at the previous auction a week ago and also 2 bps below yesterday’s benchmark fixing.
The average yield on the instrument has not dropped since mid-September, when the yield on the 3-m T-bill was below 0.4%. Then the central bank’s (MNB) Self-Financing Plan started to drive the yield higher.
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